Cardiff

Jones Lang LaSalle completes two transactions for Pearl & Coutts

Cardiff, 13 June 2011 – The recently merged Cardiff office of Jones Lang LaSalle, formerly known as King Sturge, has recently completed the sale of two assets on behalf of Pearl & Coutts.

Y Lanfa, Aberystwyth Marina was let to the Welsh Assembly Government with an unexpired lease term of 6 years. The purchaser was Her Majesty’s Court Service, advised by Alder King, whose requirement for a building to be occupied as a Magistrates Court in Aberystwyth resulted in a simultaneous negotiation with WAG to surrender their lease and provide the property with vacant possession. The complex transaction was completed at a total sale price including surrender premium of £1.45 million.

In a further sale on behalf of Pearl & Coutts, Jones Lang LaSalle has recently completed the off-market sale of Redbrick Court, Ferryboat Close on Swansea Enterprise Park. The leasehold building which totalled 11,500 ft2 was also the subject of a surrender premium from an outgoing tenant who had re-located in Swansea. The long leasehold interest with vacant possession was then purchased by a local individual, who was self-represented, for the occupation of their business. The property was sold for £310,000.

James Williams of Jones Lang LaSalle, commented that “both transactions represent excellent value for Pearl & Coutts in very challenging market conditions. The sales further highlight the strength of the investment advice provided combined with the invaluable market knowledge of our occupational agency team.”